Microstrategy CEO: Why and How I Started Buying Bitcoin
In a chat with Max Keiser (famous bitcoin investor) during the current bitcoin 2021 conference, Micheal Saylor has revealed that he has started buying bitcoin as part of his asset class.
Saylor disclosed that he has been buying lots of bitcoins into his portfolio and his company’s portfolio within the past year. Saylor said he was first given a chance to buy bitcoin in 2014 but decline based on his notion that it is sufficient to invest in stocks of big tech companies.
Why Saylor Started His Bitcoin Investment
He also said he started believing in inflation following the developments of last year when COVID-19 struck. Then, it dawned on him that the governments’ printing and pushing excessive fiat cash into the economy will create inflation. Thus, he started researching bitcoin.
He made his first personal BTC investment around early June last year. Then, a couple of months later, he bought multi-million-dollar worth of bitcoin for his company, MicroStrategy. He has since made several bitcoin purchases since that time.
Saylor’s Opinion About Bitcoin Benefits
Saylor also revealed the benefits of investing in bitcoin, saying its ROI is over 200x that of big tech companies such as Google and Apple. In contrast, the ROI is even far greater than 200x compared to traditional organizations like the Bank of America and JPMorgan Chase.
Using AMC entertainment as an example, the MicroStrategy CEO illustrated the benefits of investing in bitcoin over investing in traditional companies. This year alone, AMC generated more than $1 billion from stock sales during what analysts termed the ‘meme’ rally.
Saylor calls this “creating money out of thin air.” But he noted that this kind of sales couldn’t happen with bitcoin since its supply is limited – only 21 million bitcoins can exist at any given moment. Nevertheless, the billionaire invested predicted that eight billion people will have digital wallets on their mobile phones in the next few years, and it will have one cryptocurrency, the bitcoin. Moreover, by owning bitcoin, people would have taken back their fundamental human rights.
Saylor, Musk, And Bitcoin Miners Discuss Safe Energy
In a related development, Micheal Saylor was among a team of bitcoin enthusiasts who met to discuss the way forward regarding bitcoin’s mining energy consumption. Apart from Saylor, Elon musk and eight North American bitcoin miners were also prevent at the meeting.
The price of the leading cryptocurrency has been struggling in the last thirty days partly when news of its negative environmental effect was made public, partly because Tesla revealed it no longer accepts bitcoin as a medium of payment for its electric cars. Also, the crackdown on Chinese bitcoin miners.
The team tagged the Bitcoin Mining Council met to discuss possible solutions to bitcoin’s high energy consumption and ways it can be mined with clean energy. While some analysts argued that the newly formed bitcoin mining council might cause bitcoin centralization, Saylor disagreed saying, the council’s only objective is to find a lasting solution to the bitcoin energy problem and make the digital currency sustainable for the future.
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